Punk indie Lookout!, based in California, is facing up to the possibility of closure following Green Day's decision to pull their back catalogue from the label.
The band's decision comes after a number of contractual disputes regarding unpaid royalties. Lookout! released much of Green Day's pre-Warner material - Kerplunk for example - and had been making decent money on continued sales.
Although no official word has come from the label, there are reports that it has let six of its nine staff go and that all upcoming releases have been shelved for now. Green Day are looking for another label to take on their old records.